Copper: Today, the price of recycled copper in Foshan market rose further, but the increase has narrowed. Copper prices may face high pressure for a short period of time after rising continuously, but overnight, stimulated by optimistic expectations of Sino-US trade negotiations, LME copper staged a wave of first suppression and then uplift. At present, LME copper still fluctuates around 6,200 US dollars, while SHFE copper's main contract also fluctuates around 49,000 yuan. For this week's continuous rise, some companies have been cautious. Copper companies are still mainly purchasing on demand even though their orders have not improved. They are generally worried that they will suffer greater losses in case of a pullback in copper prices if they make a large-scale recovery at this time. However, some businesses believe that there are many favorable factors in the current copper market, and even if there is a correction, the space will be limited.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and market transactions tend to be cautious. National aluminum social inventory continues to drop to about 650,000 tons. Low inventory still supports short-term aluminum prices, but factors such as tight capital flow years ago will still influence long-term purchasing enthusiasm. It is expected that short-term aluminum prices will not fluctuate much for the time being. At present, most aluminum enterprises mainly withdraw funds and demand less orders.
Zinc: Today, the zinc price in Foshan market rose slightly, but the appreciation of RMB showed the room for zinc price to rise. Traders were generally worried that the short-term zinc price rise would not be sustainable, so large quantities of stock were still not enough and shipments were relatively positive. However, at present, zinc manufacturers have fewer orders, so their purchasing intention is not strong. They mainly maintain on-demand purchasing and their trading volume is limited.
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